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CNG frowns over high prices of goods amidst naira appreciation
The Coalition of Northern Groups (CNG), on Saturday, expresses its deep concern over the unjustified prices of goods and services in the market despite the recent crash of the U.S dollar against the naira.
The CNG views this as an exploitation of the Nigerians and a blatant disregard for the economic realities of the country by unpatriotic business entities.
CNG, in a statement signed by its National Coordinator, Comrade Jamilu Aliyu Charanchi, said subjecting Nigerians to high prices of commodities amid the present strength of the naira was not only uncalled for but unpatriotic.
The CNG observed that naira has recorded a significant appreciation against the US dollar, with the exchange rate currently between N900 – N1,000 to a dollar, down from N1,900 to a dollar in recent months. Regrettably, businesses have maintained their fleecing of Nigerians by refusing to adjust the prices to reflect the current market reality despite the recent appreciable gain by naira.
The CNG strongly condemns this unpatriotic act by businesses, which is causing untold hardship to Nigerians, particularly the vulnerable and low-income earners; describing it as totally unacceptable.
CNG calls on the Federal Government to devise means to ensure that businesses comply with the current exchange rate and adjust their prices accordingly for the benefit of Nigerians.
Charanchi said: “The CNG wishes to commend the efforts of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), and other relevant agencies for their efforts to stabilize the naira. The CNG notes that the recent measures taken by the NSA and CBN to strengthen the naira have been successful, leading to a significant reduction in the dollar exchange rate.
“The CNG, therefore, calls for sustainability of the measures to ensure stability of the naira that would culminate in stronger naira of below N500 to a dollar in the nearest future.
“Furthermore, the CNG reiterates its call on President Bola Tinubu to wholly support Office of the NSA and the CBN to decisively deal with any economic saboteurs who are try to derail the successes recorded for their selfish end to the detriment of Nigerians.
“In the same vein, the CNG warmly welcomes Dangote’s diesel price adjustment that slashed about 60% to reflect current rebound value of naira, describing it as a commendable gesture that is worthy of emulation by other businesses in Nigeria.
“Thus, the CNG appeals to the government to consider selling crude oil to the Dangote Refinery and any other interested local refiner in naira as doing so would make fuel more affordable to Nigerians thereby breaking away from dollar-dependent value.
“The CNG believes that selling crude oil to the Dangote Refinery in naira will not only help reduce price of fuel in the country but will also be immensely beneficial to the Nigeria economy as a practical solution that will have a positive impact on the lives of millions of Nigerians.”
CNG also regrets that some state governors are allegedly diverting public funds to engage in forex business, which has led to the strengthening of the US dollar against the naira with attendant negative consequences on the masses.
The group added, “The CNG reminds such governors that public funds allocated to them to provide for critical needs of their people such as education, healthcare, and infrastructure are a trust that must be accounted for before a man or before the Almighty God.
“At this juncture, the CNG commends Nigeria for prosecuting Binance officials to face justice for tax evasion and other crimes to the Nigerian economy while calling for collaboration with the Interpol in ensuring that the official who escaped from Nigeria is repatriated to face justice in the country.
“It is soothing to note that the National Hajj Commission of Nigeria (NAHCON) recently noted that it would likely reimburse excess funds pilgrims who have made payments when dollar prices were high due to appreciation of naira.”
CNG applauds a few businesses that have adjusted their prices downward to go in tandem with the current value of naira that is steadily appreciating.
The Honourable Minister of State for Defence, Dr. Bello Muhammed Matawalle, has engaged in a high-level security meeting with a leading Chinese manufacturer of advanced anti-terrorism and high-tech defence equipment, aimed at enhancing Nigeria’s defence capabilities.
The meeting, which took place in China, underscores the Federal Government’s commitment to modernising the nation’s security apparatus to combat insurgency and other threats.
According to a statement signed by the minister’s Personal Assistant (Media), Ahmad Dan-Wudil, and made available to journalists in Abuja on Wednesday, the engagement focused on formalising a strategic partnership through a Memorandum of Understanding (MoU) between the Chinese firm and the Defence Industries Corporation of Nigeria (DICON).
The collaboration is expected to play a pivotal role in advancing Nigeria’s security sector, aligning with President Bola Ahmed Tinubu’s vision for a comprehensive overhaul of the country’s defence framework.
The MoU outlines a robust partnership, with the Chinese company committing to significant investments in Nigeria’s defence infrastructure.
According to the statement, Key components of the agreement include the transfer of cutting-edge defence technology, the establishment of local manufacturing capabilities for advanced military equipment, and capacity-building initiatives to enhance the technical skills of Nigerian personnel.
“This move is seen as a step towards building a self-reliant and globally competitive military-industrial base.
Dr. Matawalle emphasised that the partnership represents a landmark achievement in Nigeria’s defence modernisation agenda.
“This collaboration will not only strengthen our fight against terrorism but also position Nigeria as a regional leader in defence technology,” he stated.
The minister highlighted the government’s determination to leverage international partnerships to address the nation’s evolving security challenges.
Under the terms of the agreement, new production lines will be established for various ammunition types, including 7.62x51mm ball cartridges, 7.62x51mm blank cartridges, 9x19mm pistol cartridges, and machine gun ammunition.
Additionally, manufacturing workshops and facilities will be set up in Kaduna and Kachia, Kaduna State, to produce essential defence components such as brass casings and bullet jackets.
The partnership extends beyond production, encompassing the maintenance and upgrading of existing military hardware, servicing of battle tanks, and the provision of military engineering services.
These efforts are expected to enhance the operational readiness of the Nigerian Armed Forces, enabling them to respond more effectively to security threats within the country and across the region.
The minister’s visit to China follows a series of engagements with international partners, including the United States and Saudi Arabia, as part of Nigeria’s broader strategy to strengthen bilateral defence ties.
In a recent meeting with the United States Africa Command (AFRICOM), Dr. Matawalle called for increased support in intelligence sharing and counterterrorism efforts, underscoring the need for global cooperation to tackle insecurity.
The agreement with the Chinese firm has been hailed as a critical step towards achieving President Tinubu’s Renewed Hope Agenda, which prioritises security, economic development, and private-sector involvement.
The minister reiterated the government’s openness to foreign investment in critical sectors such as defence, steel, and energy to drive technological advancement and job creation.
Gamblers are staking millions of dollars to predict who will emerge as new pope as betting sites place odds on the candidates as the Catholic Church cardinals sweat to pick a new pontiff.
Polymarket, an American cryptocurrency-based betting site, has placed odds on candidates who will emerge.
Similarly, Kalshi, another American betting site, is coordinating predictions on who emerges as the new Catholic pope.
On Polymarket, over $21 million worth of bets have been staked in the conclave election, in which Vatican Secretary of State Cardinal Pietro Parolin and Filipino Cardinal Luis Antonio Tagle are considered the leading candidates.
Mr Parolin leads with 27 per cent odds, while Mr Tagle comes second with 23 per cent odds. Matteo Zuppi, Pierbattista Pizzaballa, and Peter Erdo came third, fourth and fifth with 11, 10 and 7 per cent odds, respectively.
On Kalshi, where over $8milliom has been staked, Mr Parolin leads with 29 per cent odds, followed by Mr Tagle’s 22 per cent odds and Mr Pizzaballa’s 10 per cent odds.
This comes as 133 cardinals from across the globe commenced a conclave to decide who would emerge as the new pope on Thursday.
Though conclave elections have been highly unpredictable for years, gamblers throw in thousands of dollars for a possible kill should their candidate emerge.
In 2013, contrary to projections on the possible emergence of Cardinal Angelo Scola, who was then regarded as the favourite, Cardinal Jorge Mario Bergoglio emerged as Pope Francis.
On Wednesday, thick black smoke billows from the Sistine Chapel chimney at the end of the first meeting of the cardinals, signalling that no pope has been elected.
The election of the 267th pope, which commenced on Wednesday. A new pope will poll a two-thirds majority to emerge during the election process.
Then, white smoke will be released from the Sistine Chapel chimney.
President Bola Tinubu has mandated the formation of a Presidential Task Force aimed at eliminating numerous checkpoints that impede free movement.
Ambassador Musa Nuhu, Nigeria’s Permanent Representative to ECOWAS, revealed this initiative during a visit to the Nigeria-Benin Republic border in Seme on Wednesday.
“We are commencing with the Seme-Badagry Corridor. A committee has been established under the auspices of the Secretary to the Government of the Federation, and we will soon begin addressing this matter.
“We have taken note of all the concerns raised, and I assure you that the Nigerian government will tackle the other issues mentioned subsequently.”
Numerous complaints have surfaced regarding the excessive checkpoints along the Badagry-Seme corridor, which adversely affect the seamless movement of individuals and goods between Nigeria and the Benin Republic.
Ambassador Nuhu emphasized, “This is the most trafficked border in West Africa regarding the flow of goods, people, and services. If free movement is to be effectively implemented in West Africa, it will be evident at this border.”
Motorists attending the meeting expressed their frustrations about the numerous checkpoints and the extortion practices by security personnel along the route.
In response, Omar Alieu Touray, President of the ECOWAS Commission, stated that any fees paid by motorists should be accompanied by official receipts.
He expressed concern that the proliferation of checkpoints and the extortion of citizens within member states undermine ECOWAS’s goal of fostering a more integrated region.
“While we must inspect passengers and road users, we should move beyond arbitrary charges that lack receipts. If payments are necessary, they should be properly documented.
“It is one thing to request that someone open their bags for inspection, but it is entirely different to demand payment that is not receipted.”